REEF ANNOUNCES

San Diego, CA (November 2002)-Fernando Aguerre, Chairman of Reef, announced today that action sports industry veteran Mark Price has joined the Reef team as Director of Global Marketing. Price will work from Reef World Headquarters in San Diego, California, USA beginning on November 25, 2002.

Aguerre stated, “Mark’s experience, insight and passion are important assets for the future of our brand. Over three years ago my brother Santiago and I embarked on a mission to attract world class talent to Reef. The hiring of Mark is another step in that direction. We are probably the most international surf brand, with sales in over 100 countries worldwide. This requires special marketing talent that understands the core USA market, as well as the international business and our unique leadership position in our industry. Mark fits the bill perfectly: he was born in South Africa, is a passionate surfer and has an impressive career in international marketing and business. We look forward to his marketing leadership, knowing that he will play a big role in our never ending quest to lead the surf footwear industry toward its future.”

Price noted, “Reef has a very respectable domestic and international business. This, coupled with little demographic differences in today’s youth around the world, makes close coordination of Reef’s market position around the world critically important.” He continued, “I see a unique opportunity to take advantage of everything Reef has accomplished to date, and to be a part of the team taking it to the next level. Working with the dynamic Aguerre brothers and the Reef Team is a great step forward for me. I’m stoked.”